CHARLOTTE, N.C. -- Duke Energy Corp. and investment funds managed by Alinda Capital Partners LLC (collectively, "Alinda") have completed the formation of a joint venture to grow DukeNet Communications, LLC ("DukeNet"). DukeNet also announced the closing of a $150 million senior-secured credit facility.
Duke Energy and Alinda previously announced an agreement on June 25, 2010, to form the joint venture. Affiliates of Alinda acquired 50 percent of the ownership interests in DukeNet from an affiliate of Duke Energy in exchange for $137 million in cash plus certain purchase price adjustments. Duke Energy's affiliate continues to own the remaining 50 percent of DukeNet.
The new $150 million credit facility has a five-year maturity and will provide DukeNet with capital for continued expansion of its telecommunications network, future acquisitions and general corporate purposes. The facility was arranged by RBC Capital Markets, Wells Fargo Securities and BNP Paribas, with participation by CoBank, The Bank of Nova Scotia, Regions Bank, First Tennessee Bank, ING Capital, SunLife Assurance Company of Canada, and Brown Brothers Harriman.
Duke Energy Corp.